Business / Companies
Lafarge Cement Zimbabwe sees growth in 2011
17 Mar 2011 at 18:36hrs | Views
Lafarge Cement reported flat full-year earnings as a tax expense offset strong revenue growth, and said it expected further sales growth as the economy recovers.
"Profit attributable to shareholders remained largely the same ... despite increased sales revenues, due to a tax expense incurred for the year, as opposed to a tax credit in 2009," chairman Muchadeyi Masunda said on Thursday.
The unit of the French company Lafarge said basic 2010 earnings per share were flat at 0.03 cents.
The company was hit by a $1.05 million tax expense which lowered profit to $2.68 million from $2.69 million in 2009.
Revenue rose 47 percent to $41.7 million, boosted by a 55 percent rise in domestic sales.
Masunda said local demand for cement would remain strong, anchored by growth in mining and construction.
"Profit attributable to shareholders remained largely the same ... despite increased sales revenues, due to a tax expense incurred for the year, as opposed to a tax credit in 2009," chairman Muchadeyi Masunda said on Thursday.
The unit of the French company Lafarge said basic 2010 earnings per share were flat at 0.03 cents.
Revenue rose 47 percent to $41.7 million, boosted by a 55 percent rise in domestic sales.
Masunda said local demand for cement would remain strong, anchored by growth in mining and construction.
Source - Byo24NEWS
